Polygon Faces Potential Decline After Being Denied at $0.65

Polygon Faces Potential Decline After Being Denied at $0.65

Analysis: Polygon (MATIC) Price and Long-term Forecast

You have probably noticed that the price of Polygon (MATIC) has been moving sideways since its decline on June 10. Nonetheless, this downtrend appears to have found support over $0.50, with the market as of now at a low of $0.56. The bulls have stepped in and pushed the price up to a high of $0.89.

Essentially, the price of MATIC has been fluctuating between $0.50 and $0.90. If it falls below the present level of support of $0.50, the downtrend will likely continue. The resistance at $0.65 and the 21-day SMA are as of now preventing whole lot of upward movement.

Polygon Indicator Analysis

Looking at the technical indicators, Polygon has dropped to a Relative Strength Index (RSI) of 41, suggesting a downtrend as it tests the existing support. The price bars have likewise dropped below the moving average lines, indicating a possible decline. Furthermore, the positive trend momentum has peaked over the daily stochastic threshold of 75, potentially leading to an overbought market situation.

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Technical Indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

What’s Next for Polygon?

The present trend for Polygon implies that it will continue to trade sideways within the $0.50 price range. To break this trend, the altcoin needs to reverse its value and hold over the present level of support. Nonetheless, if it fails to do so and the 21-day SMA rejects the price again, we can expect a further decline.

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As we reported on August 31, the upward momentum was rejected on August 29 at $0.65, and the altcoin has dropped below the level of support of $0.60.

Hot Take

Polygon’s price movement has been relatively stagnant recently, but it is crucial to monitor the support and resistance levels to anticipate any probable breakout or further decline. Keep an eye on the market and stay notified about the latest developments to make notified decisions.

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Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.

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